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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income before noncontrolling interests $ 77,335 $ 86,704
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,493 2,388
Deferred income taxes 10,816 12,637
Noncash lease expense (benefit) (38) (730)
Net investment (gain) loss on nonconsolidated investment securities (3,817) (12,125)
(Gain) loss on disposal of property and equipment 0 29
Amortization of debt issuance costs 110 110
Share-based compensation 8,495 9,226
Net investment (gain) loss of consolidated investment products (7,101) (19,184)
Purchase of investments by consolidated investment products (68,812) (99,938)
Proceeds from sale of investments by consolidated investment products 35,182 80,353
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable (3,228) (6,888)
Prepaid expenses and other assets (2,660) 519
Accounts payable and accrued expenses 92,698 87,122
Net change in operating assets and liabilities of consolidated investment products including net investment income 16,401 6,796
Net cash provided by operating activities 157,874 147,019
Cash flows from investing activities    
Acquisition of property and equipment (206) (116)
Leasehold improvements (13) (1,746)
Proceeds from sale of investment securities 2,697 3,853
Purchase of investment securities (40,754) (31,103)
Net cash used in investing activities (38,276) (29,112)
Cash flows from financing activities    
Partnership distributions (6,378) (4,116)
Dividends paid (94,697) (71,009)
Taxes paid related to employee net share settlement (8,545) (6,831)
Capital contributions to consolidated investment products, net 17,764 18,165
Net cash used in financing activities (91,856) (63,791)
Net increase in cash and cash equivalents 27,742 54,116
Net cash impact of deconsolidation of CIPs (36,988) (3,996)
Cash and cash equivalents    
Beginning of period 268,218 178,467
End of period 258,972 228,587
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 258,972 228,587
Noncash activity:    
Establishment of deferred tax assets 715 14,429
Establishment of amounts payable under tax receivable agreements 526 11,552
Increase in investment securities due to deconsolidation of CIPs 29,757 23,831
Operating lease assets obtained in exchange for operating lease liabilities 2,155 0
Settlement of franchise capital liability via transfer of investment securities 1,981 1,774
Consolidated Entity, Excluding VIE    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 212,890 184,234
Cash and cash equivalents 212,890 184,234
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalents as of the end of the period    
Cash and cash equivalents 46,082 44,353
Cash and cash equivalents $ 46,082 $ 44,353